Drinks are half-price at Louro tonight, but it’s not a party — the modern American restaurant in the West Village is closing because of a 70 percent rent hike, according to DNAInfo.
Rent is increasingly the deciding factor when it comes to the fate of many NYC establishments. Restaurants closed at nearly double the rate in 2014 than the previous year, according to Zagat.
Earlier this year, Pearl River Mart said it would likely close when its lease expires in December, while even Shake Shack CEO Danny Meyer balked at the demands of his Union Square Cafe landlords. The Commercial Observer reported in March that even Starbucks is having trouble hanging onto some of its flagship locations in the city.